The culprit appears to be a re-iterated “buy” rating from Citi analyst Mark Mahaney, who said the stock is pretty reasonably valued, giving the stock a price target of $120.

In an analyst note, he said Netflix had “a highly reasonable valuation, a generally positive execution track record, and the still early market opportunity for Internet video streaming.”

Citi re-ran a customer survey, which suggested that customer satisfaction with Netflix has begun to improve for the first time since last year’s “Apocaflix.” Netflix tried to spin out its DVD rental service into a new business last year, but ended up canceling the plans after negative customer response.

Other factors include improving churn, improving streaming content and a rise in the popularity of Netflix as a top online video destination, according to the survey.

Netflix also had 12.4 million unique visitors from smartphones in July and August, according to ComScore, and Netflix benefits from mobile usage growth because it’s a subscription service, according to the note.